Fort Washington Investment Advisors Inc. OH Sells 4,106 Shares of Targa Resources Corp. (NYSE:TRGP)

Fort Washington Investment Advisors Inc. OH cut its stake in Targa Resources Corp. (NYSE:TRGP) by 21.5% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 14,976 shares of the pipeline company’s stock after selling 4,106 shares during the period. Fort Washington Investment Advisors Inc. OH’s holdings in Targa Resources were worth $1,929,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. UMB Bank n.a. lifted its position in Targa Resources by 2,220.0% in the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock valued at $30,000 after purchasing an additional 222 shares during the last quarter. Spire Wealth Management increased its stake in shares of Targa Resources by 2,400.0% in the first quarter. Spire Wealth Management now owns 275 shares of the pipeline company’s stock worth $31,000 after buying an additional 264 shares during the period. EdgeRock Capital LLC bought a new stake in Targa Resources during the 4th quarter valued at $42,000. Delos Wealth Advisors LLC purchased a new stake in Targa Resources during the 4th quarter valued at $43,000. Finally, Whittier Trust Co. bought a new stake in Targa Resources in the 2nd quarter worth $44,000. Institutional investors own 92.13% of the company’s stock.

Insider Buying and Selling at Targa Resources

In related news, insider Robert Muraro sold 9,900 shares of the business’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $130.31, for a total value of $1,290,069.00. Following the sale, the insider now directly owns 186,951 shares in the company, valued at $24,361,584.81. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, CAO Julie H. Boushka sold 1,213 shares of the business’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $132.02, for a total value of $160,140.26. Following the sale, the chief accounting officer now directly owns 52,257 shares in the company, valued at approximately $6,898,969.14. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Robert Muraro sold 9,900 shares of the stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $130.31, for a total transaction of $1,290,069.00. Following the completion of the transaction, the insider now directly owns 186,951 shares of the company’s stock, valued at approximately $24,361,584.81. The disclosure for this sale can be found here. Insiders sold 43,034 shares of company stock valued at $5,623,890 in the last 90 days. Insiders own 1.39% of the company’s stock.

Targa Resources Stock Performance

Shares of Targa Resources stock traded up $0.61 during trading hours on Friday, reaching $146.90. 2,276,046 shares of the stock traded hands, compared to its average volume of 1,618,626. Targa Resources Corp. has a one year low of $77.97 and a one year high of $147.08. The firm has a market capitalization of $32.18 billion, a price-to-earnings ratio of 30.23, a P/E/G ratio of 1.15 and a beta of 2.27. The company has a quick ratio of 0.53, a current ratio of 0.65 and a debt-to-equity ratio of 2.98. The company has a 50 day moving average price of $135.87 and a 200 day moving average price of $119.84.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, August 1st. The pipeline company reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.21 by $0.12. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. The firm had revenue of $3.56 billion during the quarter, compared to analysts’ expectations of $4.33 billion. During the same period in the prior year, the company posted $1.44 earnings per share. On average, equities research analysts expect that Targa Resources Corp. will post 5.88 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Wednesday, July 31st were paid a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 2.04%. The ex-dividend date was Wednesday, July 31st. Targa Resources’s payout ratio is currently 61.73%.

Analyst Ratings Changes

A number of analysts have recently weighed in on TRGP shares. Morgan Stanley increased their target price on shares of Targa Resources from $134.00 to $140.00 and gave the stock an “overweight” rating in a report on Monday, June 10th. JPMorgan Chase & Co. lifted their price objective on Targa Resources from $140.00 to $145.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 2nd. Argus started coverage on Targa Resources in a report on Wednesday, June 26th. They set a “buy” rating and a $140.00 target price for the company. Royal Bank of Canada lifted their price target on shares of Targa Resources from $147.00 to $153.00 and gave the company an “outperform” rating in a report on Tuesday, August 13th. Finally, Truist Financial boosted their price objective on shares of Targa Resources from $125.00 to $150.00 and gave the company a “buy” rating in a research report on Monday, August 5th. One analyst has rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $140.54.

About Targa Resources

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, storing, terminaling, purchasing, and selling crude oil.